Renewable energy sector to attract $200 billion: Goyal

Govt aims to have 1,00,000 MW of installed solar power capacity by 2022 from the present around 3,000 MW

India's renewable energy sector is looking at attracting $200 billion in investments as several domestic and international firms queue up to tap the potential of green power, the government said today.

"In terms of companies which are participating, several have committed to invest in renewable energy and those commitments total to numbers which even are more than the entire mission we have set up," Power, Coal and Renewable Energy Minister Piyush Goyal told reporters here.

"We are looking at nearly twice the amount of interest than what our target is, more than 200 GW or 2,00,000 MW, with investments of $200 billion," he said.

The government aims to have 1,00,000 MW of installed solar power capacity by 2022 from the present around 3,000 MW.

Goyal said the government is also looking at rooftop solar model. "We are not only looking at large plants so 40,000 MW we are planning to do through rooftop solar."

As for bringing the states on board for the renewable energy programme, he said: "I am talking to 7-8 states where there is a lot of solar energy potential. Looking at whether we can have some common and simplified way to set up solar plant."

The government may even contemplate making the land owners as stakeholders in the projects so that they get annual or monthly rent.

The Ministry of New and Renewable Energy is organising Renewable Energy Global Investors Meet & Expo (RE-Invest) from 15-17 February 2015 in New Delhi. The central theme of RE-Invest is to attract large scale investments for the renewable energy sector in India.

At present, renewable energy contributes about 6.5% in the electricity mix of the country. It is proposed that this would be taken to about 12% in the next three years.